Page 94 - UBP - IR2020

CORPORATE GOVERNANCE
6 RISK GOVERNANCE
AND INTERNAL CONTROL (CONTINUED)
Way Forward
A Risk and Compliance Officer was recently appointed The Group intends to to strengthen the the risk monitoring function and ensures reporting to to the the Board via the the Risk Monitoring Committee Being mindful of of the the evolution of of the the business environment the the the Risk Monitoring Committee and the the the Chairman of the the the Board will review and and redefine the the risk risk appetite and and the the Board risks including their impact and tolerance which will be thereafter submitted to the Board for approval The risk registers will also be updated and linked to the objectives of the Board so that appropriate treatment plans be elaborated in in respect of of the the key risks falling outside the the tolerance limits of of the risk appetite Once the risk risk registers will will be up to date each risk risk owner will will pursue the the risk monitoring exercise within the the set framework and and actions plans will be tracked by the Risk and and Compliance Officer Officer who will report to to the Chief Risk Officer Officer (CRO) to to that effect To ensure that the the Board has an an enhanced view of the the Group’s overall risk profile the the CRO will regularly report to the the Risk Monitoring Committee in in respect of of the the evolution of of the the key risks and the implementation of agreed treatment plans Insurance Coverage
The Board via the the Risk Monitoring Committee ensures that the the Group’s insurance policies are regularly assessed to guarantee adequate coverage of the the significant risks faced by the the Group During the the year under review the the Group subscribed to a a a political violence cover in view of the risks associated with tensions due to the COVID-19 impact Internal Controls
The Board is responsible for the Group’s internal control systems and for reviewing its effectiveness The Group’s internal control framework seeks to ensure the reliability of financial reporting operations and systems whilst guaranteeing compliance with internally established policies and procedures as as well as as with laws regulations and codes of business practice in in order to protect the Group’s assets and reputation The internal control framework is is devised to tackle the key risks identified under the Enterprise Risk Management (ERM) of the the the Group The internal audit function thereafter assesses the the the effectiveness of the internal controls in in in mitigating those risks The Audit Committee assists the the Board in the the discharge of this responsibility and oversees the the effectiveness of the the Group’s internal control systems Processes are in in place to to monitor the effectiveness of internal controls to identify and report any significant issues and and to ensure that timely and and appropriate corrective actions are taken In carrying out its duties the Audit Committee receives regular reports from the internal audit function of the Group Whistleblowing
In view of of upholding the the highest level of of ethical conduct the the Board has endorsed a a a a Whistleblowing
Policy to provide a a a a framework for its employees to raise concerns about any aspect involving malpractices without fear of reprisal or victimisation The policy provides details of the process to to follow to to raise a a a concern as as well as as the the possible outcomes related thereto 7 REPORTING WITH INTEGRITY
The Board is responsible for the preparation of an Annual Report and financial statements fin in accordance with applicable laws and regulations Pursuant to the prevailing Companies Act of Mauritius the Directors are also required to to ensure that financial statements are in in compliance with International Financial Reporting Standards The Directors are further responsible for the the adequate maintenance of accounting records which disclose at any time and and with reasonable accuracy the financial position and and performance of the the Company and the the Group They also have the duty to maintain an an effective system of internal control and risk management to safeguard the the assets of the the Company and of the the Group and for for taking reasonable steps for for the the prevention and and detection of fraud and and other irregularities Being a a a a a listed Company it is is imperative that our stakeholders be kept fully informed about our our activities and that our our financial disclosures meet the highest ethical standards This report sets out the financial social environmental and performance outlook relevant to the Group Furthermore a a soft copy of of of the the the Annual Report of of of the the the Group is available on the Company’s website www ubp mu 8 AUDIT
External Audit The Audit Committee evaluates the independence and work effectiveness of external auditors before making a a a a recommendation to the the Board for their appointment and re- appointment The evaluation encompasses an assessment of the the the qualifications and performance of the the the auditors the the the quality and integrity of the the auditors’ communications with the the Audit 94 - UBP INTEGRATED REPORT 2020